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Regulators Near a Deal on Platform for Swaps

Futures regulators are close to an agreement that would end a months-long standoff over a central plank of the 2010 Dodd-Frank law and finally bring more transparency to the trading of swaps, the complex financial contracts at the heart of the financial crisis.

The deal would represent a win for Wall Street's biggest swaps dealers and a big compromise for Commodity Futures Trading Commission Chairman Gary Gensler, who has been at loggerheads with a fellow Democratic commissioner over one part of the rule.

Wall Street Journal - May 9, 2013

SEF certainty: CFTC clears up CDS concerns

A perceived regulatory preference for CDS futures over swaps has caused serious consternation in the market. However, the publication of final SEF rules yesterday (16 May) has assuaged most concerns and paved the way for participants to advance.

Structured Credit Investor - May 17, 2013

Standardised OTC swaps spice up futurisation fight

In the contest between over-the-counter interest rate swaps and exchange-traded swap futures, the listed product has two great advantages - it requires less margin to clear, and its standardised terms make the risk fungible. No matter how many times a user trades the same future, it only has a single position on its books, with each transaction adding to, or subtracting from, the risk.

Risk.net - April 30, 2013

TABB Group Report: Swap Portfolios in Transit: Terminate, Compact, Rebalance & Back-load

As the next clearing mandate hits June 10, buy-side firms are going to need new systems to help them manage their swaps portfolios. Today's imperfect science of swap terminations, compactions and fund rebalancing will have to be perfected, since clearinghouses will only recognize precisely coded trades for netting purposes. If there is one mistake in any one of the 85 fields required by the CME Trade Register, for example, an offsetting swap designed to terminate a pre-existing position will count as an additional line item. Far from eliminating the problem, the trader now has two problems.

TABB Group - April 25, 2013

Standardised OTC Swaps to Launch Within Weeks

Isda-Sifma working group discussions continue but trueEX prepares to list OTC swaps with standard coupons and IMM dates

Within weeks, fixed-income market participants will be able to trade a new, exchange-traded version of the over-the-counter interest rate swap, with eight tenors, standard coupons and quarterly maturity dates like those used in the futures market. Some of those involved in the work see it as a way of defending the OTC market against the threat posed by swap futures.

Risk.net - April 19, 2013

Liquidity Aggregation Through FCMs Appealing, But Info Leakage a Question

Even as the estimated number of swap execution facilities (SEFs) drops, fragmentation is still predicted to become an issue in the world of centrally cleared swaps. There is therefore room in the market for an aggregation service, to source liquidity from multiple venues and present it to the buy side.

Sunil Hirani, CEO of TrueEx, an electronic designated contract market (DCM) for swaps, said at the Futures Industry Association (FIA) New York Expo that futures commission merchants (FCMs) can provide that service. He cited Credit Suisse's AES platform as a model aggregation service in equities.

Waters Technology - April 18, 2013

Additional Coverage

Once Swaps are in the Clearinghouse, the Real Work Begins

Advanced Trading - April 12, 2013

DERIVATIVES: TrueEX launches swap portfolio management tool

IFR ASIA - April 11, 2013

S&P, TrueEX Team Up on CDS Futures

Wall Street Journal - April 10, 2013

S&P, TrueEx Start Credit-Spread Futures Linked to S&P 500 Index

Bloomberg - April 10, 2013

New Futures-Focused Indices Let Investors Bet On Corporate Bonds

Barron's - April 10, 2013

S&P Dow Jones Licenses 3 New Credit Spread Indices to trueEX

Advanced Trading - April 10, 2013

TrueEX Takes Early Lead in Building Rate Swaps Exchange

American Banker - April 1, 2013

CFTC's Gensler defends swaps vs futures margin disparity

Risk.net - March 14, 2013

Swap Traders Seeking Help in Exiting Positions Under Dodd-Frank

Bloomberg - March 12, 2013

Swap Traders Seek Amends After Greece Settlement: Credit Markets

Zurich in North America - March 6, 2013

trueEX: e-trading pioneer offering one-stop swap shop

Risk.net - February 28, 2013

UBS Said to Be in Talks With TrueEX for Swaps Execution

Bloomberg - February 26, 2013

Swaps Exchange Gears Up for Dodd Frank Mandates

Advanced Trading - February 6, 2013

Hirani, Raisler Say trueEX Creates Swaps Transparency (Bloomberg Radio, The Hays Advantage)

Bloomberg - October 17, 2012

CFTC Grants TrueEX Exchange Status to Offer Interest-Rate Swaps

Bloomberg - September 28, 2012

CFTC clears trueEX for launch

Financial Times - September 28, 2012

Derivatives Entrepreneur to Launch Swaps Exchange

Wall Street Journal - February 6, 2012

Derivatives Need Transparency to Lure Users, Hirani Says

Bloomberg - May 17, 2012

Press Releases

trueEX plans to provide CME Group's clearing members and customers with trueEX's portfolio termination, compaction, rebalancing and back-loading services

trueEX - April 10, 2013

S&P Dow Jones Indices Launches Credit Spread Indices Based on S&P 500; trueEX Licenses Indices to Create Credit Spread Futures Contracts

PR Newswire - April 10, 2013

Sunil Hirani's Remarks at the CFTC Round Table, The Futurization of Swaps

trueEX - January 31, 2013

FIA Special Report - CFTC Hosts Futurization Roundtable

trueEX - January 31, 2013

trueEX to Use CME Clearing To Power Swaps Execution

trueEX - October 11, 2012

CFTC Approves trueEX as First Regulated Exchange Serving the $300 trillion Global Interest Rate Swap Market

trueEX - September 27, 2012